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Payable on death account (POD)
An account, such as a bank account, that is handed over to a specified person upon another person's death.
Health care directive
A legal document that lets others know one's wishes regarding medical care and treatment, funeral arrangements, organ donation, and other health care concerns.
Will
A legal document that directs where a person's property should go after that person dies.
Personal representative
The person responsible for the administration of an estate. This includes paying creditors and heirs.
Jointly held bank account
A bank account that is held by two or more people each of whom has a right of survivorship.
Living Trust
A living trust is an estate planning device that allows a person to transfer assets to one or more persons before and after they die.
Attorney-in-fact
This person receives the powers allocated in a power of attorney, such as a right to handle another person's financial matters.
Probate
The process of settling your estate after you die, including paying creditors and heirs, and validating a will (if there is one).
Codicil
An amendment to a will. It is a separate document.
Estate
All of the property owned by a person, including real estate and personal property.
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